Qihoo 360 Technology Shares Jump 5% In The #PreMarket

Chinese internet security company

Qihoo 360 TechnologyQIHU

reported "strong" first quarter results Tuesday after the market close. The company's second quarter guidance also exceeded analyst expectations. In reaction to Qihoo's solid performance, Stifel has maintained a Buy rating with a $168 price target. Qihoo's Chairman and CEO Mr. Hongyi Zhou commented, "We are pleased to report another quarter of strong growth and solid operational metrics. The number of Chinese smartphone users of our key mobile security product, 360 Mobile Safe, reached 538 million in the first quarter, making Qihoo 360 the indisputable leader in Internet security in China."

Financial Highlights

Revenues increased 143.1 percent to $265.1 million compared to the same quarter last year.
Cost of Revenue increased 262.4 percent to $50.4 million compared to the same quarter last year.
Operating income was $39.6 million.
Operating margins was 14.9 percent.
Diluted EPADS was $0.37 based on a GAAP weighted average ADS of 131.5 million.

Q2 Guidance

Qihoo expects its second quarter revenues to grow by 98-101 percent and 13-15 percent year-over-year and quarter-over-quarter, respectively. This places revenues in the $300-305 million range.

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